The generals of the army are always the last to fall (i.e. the strongest, market darlings of any bull market are the last one’s to give up the ghost) but historically, they have ALWAYS tanked and the hardest I may add.
Examples - NIFTY/FIFTY in the 70s, TMT in 2000-2002, Commodities in 2007-2009.
We are now in the early/middle innings of a bear-market and October 2018 was THE top of the cycle.
10 years of ZIRP and QE goosed asset prices and now QT ($50 billion per month and rising rates) are doing the reverse - crushing asset prices. This isn’t rocket science, its economics 101.
This time is different? It is NEVER different because human nature doesn’t change, just the market participants and the objects of speculation change, but the outcome is always the same - boom/bust.
If history is any guide, the SaaS stocks will probably tank 50-70% from the highs.
Most of the other growth stocks have already declined by 35-50% and counting(i.e. ABMD, ALGN, AMZN, GOOGL, SQ, NVDA, NFLX, FB etc.) and it is only a matter of months, before the SaaS stocks see the ghost.
Sorry to be the party pooper but the fat lady hasn’t sung yet. Time will tell…